Barclays Fixed Rate ISA - transfer out experiences?

boco803

What are your experiences with transferring out a Barclays fixed rate ISA?

Are they efficient?

Assuming you requested a transfer-in whilst applying for a new ISA with a new provider at least 5 days ahead of your Barclays maturity date, how long should you expect it to hit your new account?

Say maturity date is 15.01.25 (account opened 16.01.24), would you expect matured funds with interest be made to your new account on 16.01.25?  Or could it take a few days?

If a few days, what happens when it is earning at a lower rate for those few days?

It would be good if those with recent experiences could share their experiences.

Thanks.

eskbanker

Perhaps worth observing that it takes two to tango, so it's not just the ceding provider that drives ISA transfer timescales but the receiving one too....

subjecttocontract

A transfer can take up to 15 working days.

refluxer

boco803 said:

What are your experiences with transferring out a Barclays fixed rate ISA?

Are they efficient?

Assuming you requested a transfer-in whilst applying for a new ISA with a new provider at least 5 days ahead of your Barclays maturity date, how long should you expect it to hit your new account?

Say maturity date is 15.01.25 (account opened 16.01.24), would you expect matured funds with interest be made to your new account on 16.01.25?  Or could it take a few days?

If a few days, what happens when it is earning at a lower rate for those few days?

It would be good if those with recent experiences could share their experiences.

My situation was a little different, but should at least give you an insight into transferring out from Barclays...

I had a Barclays Flexible (fixed) Cash ISA that I let automatically mature into their Instant Cash ISA. Once it had matured, I then opened a new cash ISA with Oaknorth, requested the transfer at the time of application and the Barclays ISA funds showed up in the new Oaknorth account the next day. This means for me, the whole transfer process took one working day.

There's no guarantee it'll be the same for you though because, as mentioned above, the efficiency of the whole process depends on both providers.

Who are you wanting to transfer to ? The transfer will take a lot less time if (like Barclays) they use the BACs ISA transfer service, as the whole thing will be electronic and not involve sending forms or cheques through the post. If you're not sure, have a look at the first drop-down option on this page to see if your new provider is listed.

If the receiving provider is following the Government's ISA guidelines, they should back-date interest to the date the funds leave the sending account so that you don't lose any interest. If the sending bank take a while to respond to the request though and your money sits in a 'maturity'/easy access account for any length of time, then there won't be much you can do about it.

While it is common practise to request transfers from fixed rate cash ISAs in advance, it can sometimes lead to issues so I don't tend to do this, personally. I always let mine mature into some form of easy access account and then transfer from there and by doing so, I've never had a problem. The only time you can't do this is if the provider doesn't have a suitable easy access or 'maturity' account option for the funds to roll into, in which case requesting a transfer ahead of maturity will be the only option. Obviously, you have to be careful to select the correct options on the transfer form to avoid transferring out before the maturity date, as that would incur a penalty.

AstonSmith

I transferred the whole amount in September and it worked fine.

I let it mature into an Easy Access ISA, then signed up with the new provider and requested the transfer. It took 3 working days. I got a letter in the app's documents section about the request.

The interest earned between maturity and transferral was included.

boco803

Thanks everyone, I appreciate the replies.

I'm used to it being pretty seamless with none or minimal loss of interest.  Sure, Barclays may pay interest up to point of transferring, but it'll be at the low / instant access rate.

In this day and age, if all done electronically, it should probably take a day or two, especially as no complications as when it matures, it'll carry the same account details rather than be moved into a maturity account of sorts.

I guess they may be short-staffed after the Christmas break.

fuzzzzy

I have just had a Barclays ISA transfer into a Coventry BS ISA today. I put the request in on 15 Jan just 2 days prior to it maturing on Friday 17 Jan, so transfer took 2 working days after maturity (4 days in total).

Had a similar experience last year with a Barclays ISA transferring to Virgin Money. That time I put the request in 17 days before maturity and it transferred in 2 days after maturity on a Saturday.